The listing of Athens airport on the stock market allows Greece to raise 785 million euros
The IPO of 30% of the capital of Athens International Airport (AIA), the largest in Greece, raised 785 million euros.
The concourse of Athens International Airport, May 2023. © Wikimedia Commons / Mike Peel
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The operation, which began on January 25, was oversubscribed twelve times, underlined Greek Finance Minister Kostis Hatzidakis in a press release. Athens Eleftherios Venizelos International Airport (AIA) for its part indicated that the final IPO price was set at 8.20 euros per share, at the top of the range initially announced, which represents a market capitalization of 2.46 billion euros. Demand exceeded 8.6 billion euros, he said. The first day of trading is February 7.
It is the economic performance and the reforms undertaken in recent years by the government which explain investors' appetite for Greek assets. In the concrete case, Athens International Airport is experiencing significant growth. It welcomed more than 28 million passengers last year and its traffic is now 10% higher than the record recorded in 2019, just before Covid-19. Taking advantage of this favorable climate,
Greece
has embarked on the sale of numerous public holdings.
Greece is gradually emerging from the economic slump
Little by little, the country is overcoming the serious economic crisis that shook it between 2009 and 2018. The State intends to raise nearly 5.77 billion euros this year via privatizations. Another event which helped Greece regain market confidence. In October 2023, the Standard & Poor's agency raised the country's rating by classifying Greek bonds in the investment category, which means that Greece is now considered a solid borrower.
Also read: The Greek economy is no longer under the “reinforced surveillance” of the European Commission
(
With
AFP)
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